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Friday, July 26, 2019 / 04:22PM / By CBN / Header Image Credit: @BusinessDayNg andalepadairy.com
The
attention of the Central Bank of Nigeria (CBN) has been drawn to attempts by
some interests, who feel hurt by the planned policy aimed at promoting the
local production of milk in Nigeria, to mislead the general public by misrepresenting
the ordinarily unassailable case for investments in local milk production and
the medium to long-term benefits of the planned policy.
While we are aware that some of our policies may hurt some business
interests, we are thankful to Nigerians for the buy-in and intense interest in
the policies of the CBN. As a people-oriented institution, however, we shall
remain focused on the overarching and ultimate welfare of the Nigerian masses.
We therefore wish to, once again, reiterate our policy case as it
relates to the planned restriction of access to the Nigerian Foreign Exchange
market by importers of milk.
Nigeria and the welfare of all Nigerians come first in all our policy
considerations. Being an apolitical organization, we do not wish to be dragged
into politics. Our focus remains ensuring forex savings, job
creation and investments in the local production of milk.
For over 60 years, Nigerian children and indeed adults have been made to
be heavily dependent on milk imports. The national food security
implications of this can easily be imagined, particularly, when it is
technically and commercially possible to breed the cows that produce milk in
Nigeria.
About three years ago, we began a policy to
encourage backward integration to conserve foreign exchange and create jobs for
our people. Included in this policy package was the introduction of the highly
successful policy which restricted sale of forex from the Nigerian foreign
exchange market for the importation of some 43 items goods that could be
produced in Nigeria. Arising from the success of the restriction policy, we
approached some milk importers, like we did for rice, tomato and starch and
asked them to take advantage of CBN’s low-interest loans to begin local milk production
instead of relying endlessly on milk imports.
Today, although there have been some successful attempts at producing
milk locally, the vast majority of the importers still treat this national
aspiration with imperial contempt.
For the avoidance of doubt, Milk importation is not banned.
Indeed, the CBN has no such power. All we will do is to restrict
sale of forex for the importation of milk from the Nigerian foreign exchange
market.
We wish to reiterate that we remain ready and able to provide the needed
finance to enable investors who genuinely want to engage in milk production.
The ongoing resort to blackmail and undue politicization through
the use of social media attacks can only serve to strengthen our resolve to
wean our country from the clutches of powerful and highly influential traders
and dealers who have kept the
Watch The Governor Explain The Milk Importation Policy via @cenbank
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